Before I built a HTPC I used a VM V+ box for live and recorded TV and a PS3 to playback media stored on several NAS drives.
I didn't like the V+ STB, slow channel change, unable to remove channels I don't watch from EPG and the frequent crashes.
PS3 was picky about media format, no MKV or FLAC, web browser was poor and it was another device to turn on and another remote to hold.
The NAS (WD My Books) had slow file transfer speeds and setting share permissions was limited.
I had to use another PC / laptop to keep files between the NAS and backup locations in synch.
So I decided to combine all the above in to one box. I bought all parts used, mainly from the MM, except the HDDs and PSU.
I'm now running Windows 8 Media Centre with a DVB-S2 and 4x DVB-T2 tuners.
- Record more channels at once with storage limited by the number of drives I can fit in the case. No risk of losing the recordings if a STB crashes or dies.
- Plex for TV, Movies, online and home videos.
- Google Music, which copies any new music I add to my online collection making it instantly available to my phone, tablet and laptop.
- Google Drive, backs up all my important data and photos and giving me access from anywhere.
- Until recently SabNZB with Sickbeard etc. Adding downloads from my phone.
- Chrome web browser keeping my browsing activity in sync across my my devices and my 50" TV which is what I'm using now

- Noise, even with 6 HDDs it makes less noise than the V+ STB did.